Income 150+ SE 7
The Income 150+ SE 7 annuity is a fantastic financial product designed for those planning for retirement or who are already retired. It's great because it offers a set income stream, meaning you can enjoy your golden years without worrying about finances.
Highlights from the product brochure include guaranteed income for life and potential income increases to help you keep pace with inflation. Simply put, this annuity is an investment in peace of mind and financial security for your future. I highly recommend it!
Income 150+ SE 7
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
2.25%
Fixed
|
| 1-Year MSCI EAFE PTP Cap |
Point to Point
Annual
|
3.25%
Cap
|
| 2-Year JP Morgan Cross-Asset Strategy PTP Participation Rate |
Point to Point
Biennial
|
85%
Participation
|
| 1-Year JP Morgan Cross-Asset Strategy PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 2-Year Franklin US PTP Participation Rate |
Point to Point
Biennial
|
85%
Participation
|
| 1-Year Franklin US PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 2-Year PIMCO Balanced PTP Participation Rate |
Point to Point
Biennial
|
120%
Participation
|
| 2-Year BlackRock Diversa Volatility Control PTP Participation Rate |
Point to Point
Biennial
|
85%
Participation
|
| 1-Year BlackRock Diversa Volatility Control PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 1-Year BlackRock Diversa Volatility Control PTP Cap |
Point to Point
Annual
|
5.75%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
3.25%
Cap
|
| 1-Year PIMCO Balanced PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 2-Year Franklin US PTP Spread |
Point to Point
Biennial
|
2%
Spread
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
3%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
2.5%
Fixed
|
| 2-Year PIMCO Balanced PTP Participation Rate |
Point to Point
Biennial
|
130%
Participation
|
| 2-Year JP Morgan Cross-Asset Strategy PTP Participation Rate |
Point to Point
Biennial
|
95%
Participation
|
| 1-Year JP Morgan Cross-Asset Strategy PTP Participation Rate |
Point to Point
Annual
|
65%
Participation
|
| 2-Year Franklin US PTP Participation Rate |
Point to Point
Biennial
|
95%
Participation
|
| 1-Year Franklin US PTP Participation Rate |
Point to Point
Annual
|
65%
Participation
|
| 2-Year Franklin US PTP Spread |
Point to Point
Biennial
|
1%
Spread
|
| 2-Year BlackRock Diversa Volatility Control PTP Participation Rate |
Point to Point
Biennial
|
95%
Participation
|
| 1-Year MSCI EAFE PTP Cap |
Point to Point
Annual
|
3.5%
Cap
|
| 1-Year BlackRock Diversa Volatility Control PTP Participation Rate |
Point to Point
Annual
|
65%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
3.5%
Cap
|
| 1-Year BlackRock Diversa Volatility Control PTP Cap |
Point to Point
Annual
|
6%
Cap
|
| 1-Year PIMCO Balanced PTP Participation Rate |
Point to Point
Annual
|
90%
Participation
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
3.25%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 8% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Income 150+ Guaranteed Lifetime Income Benefit Plus | Yes | 1.20% annually |
Waivers
Bail-Out
The Contract Value may be withdrawn with no Withdrawal Charges or MVA if after the Initial Strategy Term expires the renewal rates/caps are set at rates below (above for spread-based strategies) the Bailout Rate (Withdrawal Charge Waiver Rate).
Nursing Home
At any time on or after the Issue Date of the policy, if you should become confined to an approved nursing facility for at least 90 consecutive days, withdrawal charges and MVA on any portion of the contract value withdrawn will be waived. The nursing home waiver does not include home health care.
Terminal Illness
If you have been diagnosed with a terminal illness after the first contract anniversary, withdrawal charges and MVA will be waived on any portion of the contract value withdrawn.
Premium Notes
- $10,000 minimum premium
- $1,000,000 maximum premium for ages 55-80 (as measured by total contribution per person for all annuities with the company)
- $500,000 maximum premium for ages 81-85 (as measured by total contribution per person for all annuities with the company)
Withdrawal Provisions
WithdrawalUp to 10% of the beginning-of-year contract value may be withdrawn annually without incurring a withdrawal charge. Withdrawal charges apply to amounts withdrawn in excess of the free withdrawal amount during the withdrawal charge period. Any Required Minimum Distribution (RMD) imposed by the IRS on this contract Withdrawals taken prior to beginning income benefits and those greater than the GLWB amount will reduce the Withdrawal Base and Lifetime Annual Payment amount. The reduction will be proportionate to the resulting reduction in the contract value, which may reduce the Withdrawal Base by more than the amount withdrawn. Market Value Adjustment (MVA)Market Value Adjustment refers to the potential fluctuation of the surrender value of the annuity in response to market conditions. Applies during the withdrawal charge period on withdrawals in excess of the free partial withdrawal amount. The MVA also applies to annuitization during the withdrawal charge period when a withdrawal charge would also apply. Guaranteed Lifetime Withdrawal Benefit GLWBThe GMSV is equal to the Premium Payment less withdrawal proceeds. If GLWB income activation has not occurred, the GMSV is used for determining the following after the withdrawal charge period when greater than the contract value: Death BenefitSurrender valueContract value for annuitization purposes Death Benefit Remaining contract value passes to beneficiaries at no additional charge.
- A.M. Best A
- Fitch A
- S&P A-
- Moody's A2
- Comdex 75
